Denise Amara, Driven by helping others achieve success! (FlyerCo)

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Rainmaker
1,495,428
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Not as flexible, it's their way or the highway. That includes making modifications to their contract.

Read a copy of their contract & you pretty much get the feel behind their stand. They've never been in it, don't care, we've got a set price based on market time.

May 01, 2016 01:48 AM
Rainmaker
4,829,751
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

banks are not in the business of holding real estate....they all want to clear their books for as much as possible, but they also know when it's time to get rid of the holdings.... cut their losses...

May 01, 2016 01:30 AM
Rainmaker
672,722
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Depends on so much: the bank, the asset manager and the investors behind them who are the actual decision makers, and your area/market. In my area, it is routine for buyers to ask for CC contribution and stuff like termite treatment, etc . . .  and possibly a credit for an escrow holdback to repair a non-working item that would hose an appraisal . . . but banks don't tend to want to repair stuff and you have to be careful that the property is in decent enough shape to appraise. Also, with some REOs, you'll have to turn on utilities yourself for inspections/appraisal (HUDs for sure, and there's a process).

May 01, 2016 01:23 AM
Rainmaker
903,331
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

They are tough negotiators and often non-negotiable, but I negotiated with every one of them I went into escrow with. I assumed they'd negotiate, I never assumed they wouldn't. I'd rather try and be fought than roll over with any effort. Some of my best negotiations were in the distressed property era of the Great Depreciation.

May 01, 2016 02:29 AM
Rainmaker
994,204
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You are correct, banks are not as flexible.

May 01, 2016 01:42 AM
Rainmaker
975,608
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

You never argue with the bank. It is already priced for a quick sale.

You do as told. Want to low ball? You are out of luck......

May 01, 2016 01:20 AM
Rainmaker
817,816
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

They are getting less flexible than in the past few years.  The market is definitly turning in my area to a sellers market in large part due to bank owner entities NOT negotiating.

 

May 01, 2016 10:38 PM
Ambassador
1,206,643
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Back in the day banks were very negotiable on their listings, not so much today.  

May 01, 2016 07:20 AM
Rainmaker
14,154
Denise Amara
FlyerCo - Coral Springs, FL
Driven by helping others achieve success!

All great answers, thank you for all your feedback.

May 01, 2016 05:28 AM
Rainmaker
1,641,181
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Depends on the bank

May 01, 2016 05:06 AM
Rainmaker
4,796,309
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Not very likely to any repairs that aren't absolutely crucial.

May 01, 2016 03:39 AM
Rainmaker
1,204,273
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I've known sellers who make banks look generous.  Banks are not going to negotiate on repairs at all.  May budge a little bit on price, but doutbfull.  They don't have to sell.  They don't care about property condition.  Especially in our rapidly appreciating market.

May 01, 2016 03:22 AM
Ambassador
3,071,682
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Very inflexible and for whatever reason, the public perception is they are a steal, so they tend to get multiple offers.  In those scenarios, you are competing against yourself because the banks don't counter.

May 01, 2016 02:57 AM
Rainmaker
3,751,092
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Not flexible!!

May 01, 2016 02:54 AM
Rainmaker
2,679,716
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Denise Amara Generally, banks are not flexible.

May 01, 2016 02:49 AM
Ambassador
4,004,319
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I have purchast many reo's, they make their own rules, often change them too.

Very inflexible, it they were not so cheap I would not work with them.

May 01, 2016 02:44 AM
Rainmaker
1,812,895
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It all depends if there is PMI or MIP coverage on the property !

May 01, 2016 02:18 AM
Rainmaker
724,584
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Usually less, but some banks are more flexible than others.

May 01, 2016 01:44 AM
Rainmaker
1,203,987
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Denise Amara It's the old rule, 'He who has the gold makes the rules.

May 01, 2016 01:36 AM
Ambassador
1,613,268
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

depneds on buyers reserves

May 19, 2017 05:48 AM
Rainmaker
4,000,945
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We are not seeing too many REOs in Denver.

May 04, 2016 10:43 PM
Rainmaker
3,036,546
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Banks have a set figure that they will not loose.

May 04, 2016 05:33 AM
Ambassador
1,769,605
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

They are not emotional. A bank sets a price and they will wait for it.

May 03, 2016 01:04 PM
Rainmaker
532,688
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

They will negotiate price but not repairs.

May 02, 2016 09:04 AM
Rainer
69,288
Shawn and Angela Miller
Berkshire Hathaway HomeServices Amabassador Real Estate - Lincoln, NE
Lincoln and Omaha, NE REALTORS®

Bank owned are not flexible.  They want their money.  But we all negotiate to get the best deal.  Sometimes it works, sometimes it doesn't.

May 02, 2016 01:15 AM
Rainmaker
783,546
Susan Laxson CRS
HomeSmart Professionals - La Quinta, CA
Local Knowledge & Global Network

In my experience less likely, unless it is at the end of the month and they are trying to get some of them off the books. Just depends on the lender.

May 01, 2016 10:18 PM
Rainmaker
2,923,992
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Not less, MUCH less. The terms are often spelled out up front, they are sold as is, the bank will not re-negotiate after an inspection (if they even allow one) and prices are often not flexable, but lowered every month it does not sell until it does

May 01, 2016 10:04 PM
Rainmaker
5,218,215
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You take advantage of the opportunities but have to live with the system.

May 01, 2016 09:43 PM
Rainmaker
633,704
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

During the recession I handled a lot of REOs. My experience is MUCH LESS LIKELY to negotiate with the buyers. These transactions are not like the usual buyer-seller negotiations. Banks follow a formula, not that they won't make any concessions but significant variations are not likely.

May 01, 2016 08:27 PM
Rainmaker
3,211,859
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends on the market conditions.

It depends on the lender.

It depends on timing.

Most times in life and in real estate, it depends but dealing with banks you are likely to run into situations that don't make sense.   

May 01, 2016 07:14 PM
Rainmaker
1,157,254
FN LN
Toronto, ON

It depends on the situation.

May 01, 2016 05:34 PM
Ambassador
4,297,819
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Denise Amara - there is always a possibility. You got to ask for it, it's up to them to accept it, reject it or counter it.

May 01, 2016 03:22 PM
Ambassador
2,844,350
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

it depends on how long it's been on the market, has it been pending and fallen out? and condition

May 01, 2016 02:47 PM
Ambassador
3,895,633
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Depends - there can be SOME negotiation but don't count on much. We don't have many of these properties in our area right now and haven't for a while

May 01, 2016 02:12 PM
Rainmaker
1,523,282
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

A bank does not have an emotinal attachment to a house so often they are more willing to negotiate.  I closed a house on Friday and the buyers got a great deal!

May 01, 2016 11:31 AM
Rainmaker
3,975,108
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I find it less likely

May 01, 2016 11:17 AM
Ambassador
2,341,039
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     The list price is considered the "starting price".  They don't (and usually won't) come down from that number.  Most* bank-owneds here in Tallahassee get multiple bids; no negotiating is needed.

    *I have seen a few REOs that were approaching tear-downs; the banks did come off their prices on those.

May 01, 2016 09:56 AM
Ambassador
3,981,808
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

They want them sold and off their books so yes they will work with offers but they have their limits.

May 01, 2016 08:46 AM
Rainmaker
2,413,648
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

the bank has a math that starts and finishes with them. You jump in anytime

May 01, 2016 07:38 AM
Rainmaker
333,623
Brenda J. Andrew
ULTIMA REAL ESTATE - Corpus Christi, TX
Professional Realtor in Corpus Christi, TX

It depends on how they are priced.  In our area, the new ones coming out are the same price as regular homes on the market.  My husband just negotiated one for over $10,000 less than the asking price.  After inspections it seems as though the property should have been priced over a hundred thousand less.  They negotiate, but only if there is not a bidding war.

May 01, 2016 05:34 AM
Ambassador
775,979
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Interesting to see all these answers. My experience has been, the longer it's been on the market, the more negotiable they are. I have had good experience with banks, but, as with most things, it often depends on the individual you're working with.

May 01, 2016 03:37 AM
Rainmaker
1,471,105
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Their goal is to sell like for any seller, if they have no other offer, they will counter. 

May 01, 2016 03:21 AM
Rainmaker
495,680
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

it depends if the asset manager is close to making their quota, REO 's don't deal much but if an asset manager needs a closing or is close to a bonus he will be more motivated.

As for HUD bidding we see that coinsistantly they accept 93% of list price.

May 01, 2016 02:39 AM
Rainmaker
736,826
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Depends on the strategy to sell the bank and their broker agreed upon.

If it is a creeper, no negotiation.

If it is below value (quick sale), be ready to compete.

If it at market value, negotiate.

If the buyer and their agent lack the experience to know, it will be hard to win.

May 01, 2016 01:59 AM